Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- China Finance Ministry Calls Press Briefing, Firing Up Stimulus Hopes — Sentiment in Chinese equities markets had softened after an earlier briefing by the country’s top state planner offered few concrete measures.
- Baidu Seeks to Roll out Robotaxi Service Outside China — Baidu and other Chinese companies have been operating robotaxi services in cities in China.
- China’s Stock Market Tumbles on Doubts About Government Stimulus — Index has worst day since February 2020, Finance Ministry calls press briefing for Saturday.
- Opinion: An Alliance to Counter China’s Aggression — The U.S. and its allies can isolate Beijing economically by forming a new trade-defense coalition. By Rahm Emanuel.
The Financial Times
- As Chinese stocks slide, should investors bet on a Beijing bazooka? — Expectations of fiscal stimulus stoked a market rally that fizzled out this week.
- Chinese stocks tumble as Beijing tries to shore up confidence in economy — Investors turn to finance ministry briefing on Saturday in hope of more fiscal stimulus.
- China’s AI start-ups race to crack US market — MiniMax, ByteDance and 01.ai launch apps overseas to boost revenue growth.
- Oil prices sink on worries over Chinese demand — Crude gives up part of recent gains as run of big market swings continues.
The New York Times
- Young Chinese Investors Are Jumping Into the Stock Market Frenzy — Despite the risks of investing at a volatile time, investors see the recent stock rally as a rare opportunity to make money when China’s economy is sluggish.
Caixin
- Holiday Home Sales Boom in Beijing as Latest Stimulus Entices Buyers — Daily homes sales are up 81% over last year’s National Day holiday as Beijing relaxes curbs on house buying.
- Analysis: Chinese Companies’ Revenue Decline Looms Over GDP Growth — The latest interim reports of companies listed in Hong Kong and mainland China still reflect a notable slowdown in China’s economy since 2021.
- Analysis: Chinese Chipmaker Rally Reflects Broader Industry Upswing — The market capitalizations of chip manufacturers and related businesses remain elevated, which analysts say reflects a broader upswing in the semiconductor industry.
South China Morning Post
- Mainland China accuses Taiwanese leader William Lai of escalating hostility — Beijing hit back at recent comments that the People’s Republic could not be the island’s motherland because the Republic of China is older.
- Chinese tech giants Tencent and Alibaba break digital wall with Taobao, WeChat integration — Users of Tencent’s WeChat can now buy and pay for products sold on Alibaba’s Taobao marketplace without leaving the multipurpose app.
- China’s security agency vows to boost intelligence sharing after deadly attack in Pakistan — Ministry of State Security says Chinese bodies will ‘guard against the infiltration of extremist violent ideologies.’
- Shein keeps UK listing plan under wraps as it begins work on supply chain hub in Guangzhou — Shein is not talking about its anticipated London initial public offering, but has broken ground on a massive supply chain hub in Guangzhou.
Nikkei Asia
- China stocks take biggest dive since 2020 as stimulus skepticism emerges —CSI 300 falls 7%; attention shifts to upcoming Ministry of Finance announcement.
- China explores cross-border uses for digital yuan in new trial — Efforts with Saudi Arabia, Thailand and more pave way for cheaper transfers.
Bloomberg
- Chinese Tycoons Ride Xi’s Stimulus Into Ranks of World’s Richest — The blistering rally in Chinese equities has catapulted nine of the nation’s tycoons back into the ranks of the world’s wealthiest.
- OpenAI Says China-Linked Group Tried to Phish Its Employees — The unsuccessful effort involved posing as a ChatGPT user.
- US Venture Capital Opens Path to Funding for China Biotech Firms — Chinese biotechnology companies are partnering with American venture capitalists to create new, US-based startups built around promising drug compounds.
Reuters
- Exclusive: British Foreign Secretary Lammy to visit China in bid to reset ties, sources say — Lammy, who has vowed to overhaul Britain’s ties with China, is expected to meet Chinese officials in Beijing and representatives of British firms in Shanghai.
- Beyond the politics, China’s missile test reflects military need — Security analysts and diplomats evaluating September’s ICBM launch said that although the rare test carried political messaging, it also met a long-overdue need for the People’s Liberation Army’s Rocket Force to ensure its nuclear deterrent worked as advertised.
- Luxury goods unlikely to be next target of China’s EU trade retaliation, analysts say — European luxury shares have slid on investor concerns that they may be Beijing’s next targets for retaliation, but analysts say such a move is unlikely.
Other Publications
- The Economist: How to escape from China to America — Reporters travel with Chinese migrants on the deadly journey to America’s border.
- The Economist: America v China: who controls Asia’s internet? — Amid an explosive data and AI boom the superpower contest hots up.
- Associated Press: Southeast Asian leaders meet in Laos to discuss Myanmar war and disputed sea — The Association of Southeast Asian Nations summit in Laos will be followed by two days of meetings with global powers including China, the United States and Russia.
- Foreign Affairs: How America Can Regain Its Edge in Great-Power Competition — A second Trump term would require a new strategy.
- The Guardian: China to head green energy boom with 60% of new projects in next six years — IEA says faster clean energy rollout being led by solar power in China with country set to boast half of world’s renewables by 2030.
